Investor Presentaiton

THE GOVERNMENT OF THE GRAND-DUCHY OF LUXEMBOURG Ministry of Finance 3: PUBLIC FINANCES Luxembourg's public debt is mainly composed of central government debt and local government debt. On the asset side, the Grand-Duchy of Luxembourg holds assets worth > 37.5% of GDP, i.e. higher than the level of gross public debt. Assets include: • • A pension reserve of 27.5% of GDP - in which social security payments surpluses are transferred to secure future payment obligations Stakes in listed and non-listed companies worth more than 10% of GDP Investor Presentation, June 2013 11 of 40

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